Overview
- CryptoQuant data shows Binance altcoin spot volume near $7.7 billion, down roughly 80%–85% from late‑2024 peaks.
- Combined altcoin volume on other major exchanges has fallen to about $18.8 billion from prior ranges of $63–$91 billion.
- Liquidity has thinned, with average 1% market depth across ETH, XRP, SOL, SUI, and LINK sliding from roughly $2.6 million to about $1.7 million, per Kaiko.
- Trading activity is concentrating on Binance, which now captures roughly 40% of total altcoin volume, while altcoins continue to lag Bitcoin.
- Industry and policy ripples include Payward pausing Kraken’s IPO plans due to weak conditions and new SEC–CFTC interpretive guidance that introduces a token taxonomy.